Summit County Real Estate Market Trends for October 2022

Image - Summit County Real Estate Market Trends for October 2022

Land Title Guarantee Company (“LTGC”) recently released its monthly Summit County Real Estate Market Trends for October 2022. On a seasonal basis, October falls in the midst of the busiest season of the calendar year for local real estate. Historically, the Summit County real estate market has its highest level of activity during the summer and early fall. With all that said, we have seen occasional anomalies in recent years where Summit County real estate activity did not follow the historical seasonal trend.

As part of its analysis, LTGC provided the monthly percentage change in total dollar volume & total number of real estate transactions across Summit County. Comparing October 2022 to the month of October in recent years, the totals were as follows:

  • October 2011 – $73,125,800 generated from 171 transactions
  • October 2012 – $114,295,400 generated from 240 transactions
  • October 2013 – $114,722,935 generated from 251 transactions
  • October 2014 – $130,161,800 generated from 265 transactions
  • October 2015 – $156,891,050 generated from 284 transactions
  • October 2016 – $149,691,558 generated from 263 transactions
  • October 2017 – $213,311,500 generated from 322 transactions
  • October 2018 – $182,673,300 generated from 236 transactions
  • October 2019 – $199,109,927 generated from 285 transactions
  • October 2020 – $360,036,310 generated from 442 transactions
  • October 2021 – $432,497,649 generated from 325 transactions
  • October 2022 – $185,508,240 generated from 165 transactions

Looking at the preceding numbers, the total dollar volume of sales in October 2022 decreased by approximately 57.1% from October 2021. Additionally, as tight Summit County housing inventory continued, the number of real estate transactions in Summit County in October 2022 decreased by approximately 49.2% from the frenetically paced activity of October 2021.

To recap Summit County real estate market trends from recent months:

  • In September 2022, the number of real estate transactions in Summit County decreased by approximately 35.1% from September 2021, and the total dollar volume of sales in September 2022 decreased by approximately 33.8% from September 2021.
  • In August 2022, the number of real estate transactions in Summit County decreased by 26% from August 2021, and the total dollar volume of sales in August 2022 decreased by 30.4% from August 2021.
  • In July 2022, the number of real estate transactions in Summit County decreased by 46.3% from July 2021, and the total dollar volume of sales in July 2022 decreased by 19.5% from July 2021.
  • In June 2022, the number of real estate transactions in Summit County decreased by 43.5% from June 2021, and the total dollar volume of sales in June 2022 decreased by 36.6% from June 2021.
  • In May 2022, the number of real estate transactions in Summit County decreased by 38% from May 2021, and the total dollar volume of sales in May 2022 decreased by 12% from May 2021.
  • In April 2022, the number of real estate transactions in Summit County decreased by 32% from April 2021, and the total dollar volume of sales in April 2022 increased by 2% from April 2021.

If you’re interested in buying a Summit County home, there are lots of great opportunities available. Please don’t hesitate to contact Philip for help. And, I’ve also recently written about the recent Summit County short-term rental rule changes.

The market analysis information and representations regarding market analysis above are based in whole or in part on information provided by Land Title Guarantee Company. Although the information above is believed to be true and correct, the information cannot be guaranteed. Therefore, neither SummitRealtor.com nor Land Title Guarantee Company can in any way be held responsible for its accuracy. The data above does not reflect all real estate activity in the market.